Saturday, August 06, 2005

MENAFN - Middle East North Africa . Financial Network

MENAFN - Middle East North Africa . Financial Network: "Construction sector's output value reached Dh68.8b in 2004- UAE
Khaleej Times - 04/08/2005

A recent study conducted by the National Bank of Dubai (NBD) has termed construction activity an integral part of a country's urbanisation plans, infrastructure and industrial development, including hospitals, schools, offices, town communities, houses and other buildings.

The construction industry has became the basic input for socioeconomic development. It generates substantial employment and provides a growth impetus to other sectors through backward and forward linkages. In the past few years the global construction market suffered from exposure to several effects. Despite these effects, 2004 saw improved performance with the global market picking up as demand was revived by some delayed projects.

Global construction spending reached nearly $4.2 trillion in 2004, a 4.6 per cent increase over 2003, and future growth rates are expected to exceed 5 per cent annually over the next four years. Increased spending on infrastructure and non-residential development is largely driving this growth. The US market (with $970 billion spending in 2004) still dominates the global scene as the largest national construction market, with Japan remaining second ($670 billion). China has become now in third place ($480 billion) in terms of global construction spending.

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